IMPACT OF INVENTORY MANAGEMENT ON PRODUCTIVITY IN NIGERIA BOTTLING COMPANY
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THE ROLE OF COMMERCIAL BANKS IN FINANCING SMALL SCALE INDUSTRIES IN NIGERIA
THE ROLE OF COMMERCIAL BANKS IN FINANCING SMALL SCALE INDUSTRIES IN NIGERIA
(A CASE STUDY OF UNION BANK OF NIGERIA PLC).
ABSTRACT
The topic of dissertation is The Role Of Commercial Banks In Financial Small Scale Industry In Nigeria. A case study of union bank of Nigeria plc. The major objective of the study is to ascertain the extent to which union bank of Nigeria plc has helped to financial small scale industries.Instrument of data collection is questionnaires and research questions which formed the source of primary data, while materials from various published articles, textbooks, journals and newspaper formed the secondary data.
The method of analysis is the use of tables, percentages and chi-square .
The major finding of the research is that union bank of Nigeria plc has helped to financial small scale industries period under review.
The recommendation based on the finding is that in order to reduce the risk in small scale industry lending, the central bank of Nigeria and the government can do more than they are doing currently scheme.
The study concluded that if the desired objective of using small scale industries as catalysts of development is to be achieved than the role of commercial banks should be mutually supportive.
TABLE OF CONTENTS
CHAPTER ONE
INTRODUTION ANALYSIS
1.1 Background to the problem
1.2 Problem statement
1.3 Objectives of the study
1.4 Research questions
1.5 Research hypothesis
1.6 Scope of study
1.7 Limitations of the study
1.8 Definition of study
Reference
CHAPTER TWO
LITERATURE REVIEW
2.1 Introduction
2.2 Meaning of small scale industry
2.3 Government policy
2.4 Support systems
2.5 Financing
2.6 Monetary policy development in favour of small scale industries
2.7 Benefits of small scale industry
2.8 Problems facing small scale industry
2.9.1 Financing the project
2.9.2 Technical knows how
2.9.3 Personnel, matters and general administration
2.10 Improving funding small scale industries
References
CHAPTER THREE:
RESEARCH METHODOLGY
3.0 Introduction of the study
3.1 Research design
3.2 Area of study
3.3 Population of study
3.4 Sample size determination
3.5 Instrument for data collection
3.6 Validation of the instrument
3.7 Reliability of the instrument
3.8 Method of data collection
3.9 Data analytical techniques
CHAPTER FOUR:
PRESENTATION AND ANALYSIS OF DATA
4.1 Presentation of data
4.2 Hypothesis testing
CHAPTER FIVE FINDINS:
CONCLUSIONS AND RECOMMENDATIONS
5.1 Findings
5.2 Conclusion
5.3 Recommendation
Bibliography
Appendices
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO PROBLEM
The successive development plans of Nigeria have laid emphasis on the attainment of self reliance. The need for this national objective is because much is expected from individuals from the view point of providing employment opportunities self reliance in basic food and material production high per capital income, foreign exchange earnings and the production of industrial raw materials.
Okporobie (1989:10) observes that Nigeria small scale industries continued to decline despite the so called priority given to the sector
However, the discovery by the central bank that this policy was not enough by it self led to the central bank request with effect from 1970/80 that all commercial bank must reserve a proportion of the minimum credit allocation to indigenous borrowers for small scale Nigeria enterprises. The target prescribed in 1979 was ten percent (10%) which subsequently raised to sixteen percent (16%).
Even though available data showed that performance of commercial banks against this directive has been disappointing. The central bank intends to spare no effort in ensuring that banks fully couple without compromising the smooth functioning of the nation banning system.
He observed also, that without the development of small scale industries in Nigeria, the nations quest for industrialization will certainly remain forever at stake. It is the opinion of the researcher that future development in our industrialization must address the basic issues of creating linkages without the economy to begin to produce real inputs to our manufacturing activities .
Priority attention must therefore be given to these industries for which domestic inputs could easily be produced. This will bring about agro-allied industries like food processing and other by-products.
The objective should be to maximize the value added in their processing and manufacturing as final goods immediately inputs.
Nzewi and Oze (1985:56) observed that empirical evidence indicates that strong producer incentives to small scale industrialists are necessary not also only to meet the food requirement but also to provide growing input supplies and demand as a foundation for sustained industrial growth.
The present economic constraint may well turn out to be a blessing in disguise to our industrialization effect particularly for dynamic manufacturing sector. For instance, the market determinate exchange rate through seeing with its result and high cost of imported inputs may serve as an impetus for industrialist to intensify their search for local substitutes.
Ekenyong and Nyong (1992) observed that small scale enterprises are regarded an organic part of a viable structure for the attainment meaningful economy development in developing economic like Nigeria.
They are significantly more cost effective in bringing about development than large enterprises because of the perceived linkage and multiplier effects which small scale enterprises have on the performance of the economy and economic growth in general.
Osayameh (1989) observes that the strength that make small scale enterprises more amendable for assistance areas as follows.
1. Personal commitment of the proprietor whose life savings usually form the start up capital.
2. Low initial capital out lay requirement
3. Ease of entry and exit and prevalence of just minimal legal constraints
4. Amenability to business advisory services because of their small size which makes than more responsive to improvement suggestions.
Olashore (1987) Observes that the four main sources of enterprises financing open to small scale industry in Nigeria are.
i. Formal financial institutions such as commercial banks merchant banks, insurance companies and the development bank.
ii. Informal financial landlords, credit and savings associations “esus” friends and relations personal savings and .
iii. Other financial scheme, NERFUND NEXIM
in 2001, there was an introduction of small and medium industries equity investment scheme (SMIEIS) in which N359 million was set aside to date by banks under small medium industries equity investment scheme.
Through union bank small and medium scale enterprises (SMES) department, the bank has remain ed in fore front of SMES financing nations was extended to the SMES as at 31st March 2004.
Small scale industry is any industry not exceeding N750,000 including working capital but excluding cost of land.
It is also defined by center for industrial research and development of Obafemi Awolowo university Ile Ife as those industries whose total assets in plant, equipment and working capital do not exceed N250,000 with not more than 50 employees.
1.2 STATEMENT OF THE PROBLEM
The problem of credit to small scale industries may not necessarily be as a result of financing insufficiency but rather for some other reasons among which are.
i. Insufficient preparation on the part of small scale entrepreneurs in their request for credit assistance.
ii. Information gaps as to range of funding institutions and scope of services available in these institution
iii. Moreover, servicing of small business accounts is relatively experience, risky and difficult to monitor with low turn over of account.
However, the parishioners in the sector small scale industry do not display competence in preparing justification for their project. It is are to see most of them coming up with cash flow projections, projected balance sheets, among others. They are based on personal rudimentary in formation and speculation. At times when they seek the advice of consultants, the outcome that are made figures project based on assumptions which are most of their time unrealistic.
As a result such proposals are out rightly rejected by banks.
There are suitable when credit demands in this sector are not in compliance in this government monetary policy and credit guidelines which must be adhered to by banks.
The researcher identifies these problem and considers it necessary to carry our study on them.
1.3 OBJECTIVES OF THE STUDY
The objectives of the study include:
a. To ascertain the extent to which the union bank of Nigeria plc has helped to finance small scale industries.
b. To identify the problems encountered by small scale industrialists in obtaining finance from union bank of Nigeria plc.
c. To evaluate various measures introduced to boost industrial production and its financing and how this has affected realization of the set goals.
d. To determine the causing changes in small scale industrial financing by union bank of Nigeria plc.
e. To make suggestion and recommendations based on the data generated by the study.
1.4 RESEARCH QUESTIONS
The critical appraisal to give answers to the following questions.
a. To what extent has union bank of Nigeria plc helped to finance small scale industries?
b. What are the problems encountered by the small scale industrialists in obtaining finance from union bank if Nigeria plc?
c. What are the various measures introduced to boost industrial production and its financing and how this has affected the realization of the set goals?
d. What are the causes of changes in small scale industrial financing by union bank of Nigeria plc?
e. Does any linear relationship exist between lending to small scale industries and economic recovery and self reliance on the economy?
1.5 RESEARCH HYPOTHESIS
a. There is no linear relationship between lending to small scale industries and economic recovery and self-reliance of the economy.
b. there is no relationship between union bank of Nigeria plc lending to small scale industries and the attitude of this customers
1.6 SCOPE OF STUDY
The scope of the study is the role of commercial banks in financing small scale industries in Nigeria. A case study of union bank of Nigeria plc. It does not cover the role of commercial banks in financing medium and large scale industries.
NAIRA EXCHANGE RATE DEPRECIATION AND DOMESTIC INFLATION IN NIGERIA
NAIRA EXCHANGE RATE DEPRECIATION AND DOMESTIC INFLATION IN NIGERIA
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ABSTRACT
The research work critically examined the extent to which naira exchange rate depreciation had affected domestic inflationary rate in Nigeria between 1985 – 2000. Therefore, in this study, the researcher examined the trend of inflation and exchange and the relationship between the two variables. A model was specified to show the relationship between both variables. Also interest rate was included in the model as one of the variables that affect inflation.The model was then estimated using multiple regression method and variable statistical tests where carried out on the regression equation. The result was analyzed accordingly. Moreover, the result of the statistical test shows that exchange rate depreciation of Naira is significant in explaining variation in the rate of inflation.
Finally, the data for the project work was collected from most recent years in order to make finding, adequate in explaining the cause of inflation in recent times.
TABLE OF CONTENTS
Title page ii
Approval page iii
Dedication iv
Certification v
Acknowledgement vi
Abstract vii
Table of contents viii
CHAPTER ONE
Introduction 1
1.1 Background to the study 1
1.2 Statement of problem 3
1.3 Significance of study 5
1.4 Objective of the study 5
1.5 Research hypothesis 6
1.6 Scope of study 7
1.7 Definition of terms 7
Reference 8
CHAPTER TWO
Literature review 9
2.1 The concept of exchange rate 9
2.2 Exchange rate management in Nigeria 19
2.3 Inflation – a concept 28
2.4 Theories of inflation 32
2.5 Inflation in Nigeria 37
2.6 Exchange rate depreciation and inflation in Nigeria 41
2.7 Empirical evidence 43
Reference 46
CHAPTER THREE
Research methodology 48
3.1 Method of data collection and analysis 48
3.2 Theoretical framework and model specification 48
Reference 53
CHAPTER FOUR
Analysis of result 54
4.1 Presentation of result 54
4.2 Analysis of result 55
CHAPTER FIVE
Summary, conclusion and recommendation 57
5.1 Summary 57
5.2 Conclusion 58
5.3 Recommendation 58
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The naira exchange rate depreciation coupled with persist increase in the inflationary rate has been a major bane on economy of Nigeria. To a layman inflation is a phenomena to embrace as his income increases daily without knowing the harmful side of such an increase. Whether there is anything like depreciation or an improvement in the exchange or whether is income is nominal or real the layman do not know.
But this complementary problems so to say of naira exchange rate depreciation and inflation has been a thought of obesity in the hearts of Nigerians past and present governments and many patriotic Nigerians.
The pegging of, inflation in Nigeria can be said to be a direct result of the policies of the country’s governments to stimulate a fast rate of economic growth and development, since 1951 when the ministerial government was introduced between 1984 and 1986, the naira was quoted against dollar and pounds as the only intervening currencies which was in line with the International Monetary Fund (I.M.F) demand. I.M.F had earlier complained that naira exchange rate was rising above the stipulated 2% limit. The naira was then devalued at 1.000 4 US dollar. The inflation rate in Nigeria was not serious problem before her independence. But immediately after the civil war i.e. from 1970’s, the inflation rate in Nigeria took another dimension. The value of naira as against dollar and pounds sterling started to deteriorate, in 1970, it was a naira to 1.400 dollar and 0.584 pounds sterling. In 1971, it was 1.44 dollar and 0.582 pounds sterling to a naira. In 1973, it was 1.519 dollar and 0.614 pounds sterling to a naira. In 1974 it was 1.589 and 0.675 pounds sterling to naira which increased to 1.623 dollars and 0.734 pounds sterling in 1975 as a result of Udoji salary award of 1974 increased wage extensively. Higher wages increased the purchasing power of consumers thus, leading to increase in their prices.
The introduction of Structural Adjustment Programme (SAP), and second-Tier Foreign Exchange (SFEM) in 1986 on one of government’s major policy packages, was aimed at making the over, valued naira exchange rate more realistic and responsive to market forces. Regrettably, C. Anyanwu (1989) observed, the SAP/SEFEM was a disaster that was fast destroying the foundation of Nigeria economy. There was consequent persistence of exchange rate depreciation of the naira (from 1.5691 naira to 1.0 dollar at the end of September 1986, 7.8950 naira to 1.0 dollar by mid February 1990). Also by August 1998, the dollar was sold for 21.9960 naira at the Foreign Exchange Market (FEM) while at parallel market it was sold for 45 naira. The value of naira continued to depreciate to the extent that the exchange rate was less than one dollar to a naira before 1990. It was 0.119 US dollar to a naira in 1990. This depreciated to 115.7 to a dollar by the 12 April, 2001 (CBN) 1994. By 2003, it has risen N130 to the US dollar.
1.2 STATEMENT OF PROBLEM
The depreciation of naira persistently, has various inflationary effects on the economy of Nigeria. The effects of this macro-economic problem can be highlighted in different stages. In the first place, when a currency is depreciated, it is designed to reduced or discourage the excessive dependence on a particular foreign or some foreign commodities.
This will make domestic prices of such imports may be intermediate goods and as a result tends to push the cost of production of final goods up.
In another way, deteriorating exchange rate of naira could bring about inflation of increase in wage rate or demand, when the naira is devalued, the price of important raw materials increases domestic firms may be willing to increase production reduction on their competition as a result of like in prices of raw materials.
Consequently, the output of the firms will attract high prices, therefore for consumers to meet their provisions level of consumption or maintain their real income, calls for wages increase which according to Sotersten (1994) will worsen the whole situation.
Nigerians as one of the developing nations that heavily depend on imported inputs, implements and machinery, the cost of these are usually very high due to poor exchange rate of naira.
This will discourage potential investors, how investment will lead to reduced national product, which is an indicator of stagnancy or retrogression of the economy.
For this reason, Obasanjo (1999) noted that any thing could happen of regulatory authorities did not take steps to tidy up the situation, so the researcher wants to find out the problems and suggest ways of remedying the situation.
1.3 SIGNIFICANT OF THE STUDY
For the purpose of this study, the researcher took a step further to determine the possible significances.
(i) To give other researchers who which to write on this topic the process to follow
(ii) To check the inflationary of deflationary gap
(iii) To determine the cumulative impact of broad money growth and the sizeable devaluation of the naira
(iv) To determine the fate of naira with other internal currencies.
(v) To determine government policies.
1.4 OBJECTIVE OF THE STUDY
The objectives of this study include the following
(i) To identify the causes of inflation and exchange rate depreciation.
(ii) Examine the extent to which naira exchange rate depreciation heed affected domestic inflationary rate in Nation.
(iii) Assess the effectiveness of government earlier introduced policies.
(iv) Give suggestion and recommendation on appropriate policies for the future.
1.5 RESEARCH HYPOTHESIS
Since the research data was mainly from secondary sources, the hypothesis used will be in two forms to determine result.
The null hypothesis and the alternative hypothesis. The null hypothesis (Ho) will be tested against the alternative hypothesis (Hi)
(a) Ho: There is no positive or significant relationship
between exchange rate depreciation and domestic inflation in Nigeria.
(b) Hi: There is significant or positive relationship between
exchange rate depreciation and domestic inflation in Nigeria.
1.6 SCOPE AND LIMITATION OF THE STUDY
The study covers the period from 1985 to 2000. It concentrates on the trend of exchange rate depreciation and inflation in Nigeria. The study is limited to the period because of the problems associated with the availability and collection of secondary data needed for the research work due partly to the level of development of the Nigeria economy.
AN APPRAISAL OF MATERIAL MANAGEMENT CONCEPT AS A STRATEGY FOR ACHIEVING ORGANIZATIONAL PRODUCTIVITY
AN APPRAISAL OF MATERIAL MANAGEMENT CONCEPT AS A STRATEGY FOR ACHIEVING ORGANIZATIONAL PRODUCTIVITY
(A CASE STUDY OF KADUNA REFINING AND PETROCHEMICAL LTD.)
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ABSTRACT
Material management is a strategy for achieving organizational productivity. The researcher started this research work by introducing the subject matter, background of the study, statement of the problem, objective of the study, significance, and scope of the study were highlighted also the researcher formulated hypothesis which form the basis for the research. In the second chapter the researcher reviewed the work of various authors on the subject matter, the concept of management, the significance of material management concept, the material flow system, basic materials functions determination of materials need material cost reduction strategies were discussed in the chapter.
The method used in carrying out the research was discussed in chapter three, the method of gathering data, sampling and sampling techniques, justification of method used and method of data analysis. The data gathered in chapter three was analysed in chapter and hypothesis formulated in chapter one was tested using chi-square. Lastly the researcher draw a summary and conclusion for the research and comes up with a recommendation among which the researcher recommended that an adequate storage facility conducive for modern material, management should be provided to help the store perform it service function effectively.
CHAPTER ONE
1.0 Introduction – – – – – — – 1
1.1 Background of the study – – – – – 1
1.2 Statement of the General Problem – – – 3
1.3 Objective of the study – – – – – 4
1.4 Statement of the Hypothesis – – – – – 5
1.5 Significance of the study – – – – – 5
1.6 Scope of the study – – – – – – 6
1.7 Limitation of the study – – – – – 6
1.8 Historical background of the case study – – 7
1.9 Definition of terms – – – – – – 9
CHAPTER TWO- Literature Review
2.0 The concept of material management – – 12
2.1 Material management defined – – – – 12
2.2 The significance of material management concept 17
2.3 The material flow system – – – – – 18
2.4 Basic material function – – – – – 20
2.5 Determination of material needs – – – 23
2.6 Material cost reduction strategies – – – 25
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research design – – – – – – 30
3.2 Research population – – – – – – 30
3.3 Sample size and sampling procedures – – 31
3.4 Method of gathering data – – – – – 31
3.5 Justification of method used – – – – 33
3.6 Method of data analysis – – – – – 33
3.7 Justification of investment used – – — 34
CHAPTER FOUR: DATA PRESENTATION
4.1 Data presentation – – – – – – 35
4.2 Data analysis – – – – – – – 35
4.3 Test of hypothesis – – – – – – 45
CHAPTER FIVE – Summary Of Findings, Conclusion Recommendation
5.1 Summary of finding – – – – – – 47
5.2 Conclusion – – – – – – – 48
5.3 Recommendation – – – – – – 49
Bibliography – – – – – – – 52
Appendices
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
The need for the production function is to make up with the growing complexity of industrial needs has brought about the concept of material management.
Modern management has expanded the traditional scope of purchasing and procuring to cover the entire material management process. Thus Lee and Dubler (1983) define material management as a confederacy of traditional material activities bound by a common idea, and of intergraded management approach to planning. Acquisition, conversion, flow and distribution of production material from the raw material state to the finished product state.
The concept also provide for delegation of responsibility and authority with regards to procurement and supply of material. The concept also recognizes the importance of the principle of accountability by providing a management approach which is responsible for all decisions.
Through material management, there is relatively recent concept much through has been given to it particularly since World War II, when industries all over the world were awoken to the fact that tremendous economies could be achieved by sufficient material management. The concept is today relevant to business organization because they will have a centralize body responsibility for buying with the overall advantage of procuring standard material at possible bulk. Disco unit and obtaining special vender relation. It means that spending valuable money is in the heart of people who are trained and competent for this job.
Frequently, it is found that material are expensive and in order to reduce overall costs, it require the close cooperation and co-ordination of material and other user department to ensure that material ordered are made to arrive only when they are needed, the benefit of this approach is that of cost reduction and maximization of the company’s profit.
Thus, the growing need for efficient operation of material management is increased in recent time.
1.2 STATEMENT OF THE GENERAL PROBLEM
As earlier indicated, the significance of material management has been recognized by most industries in Nigeria, now a days, in most companies in Nigeria, attempts have been made towards operating on intergraded approach to their material problems thus, one often finds in such companies such position. As supplier materials manager, material controller etc yet often is critical analysis of this system of operation. One often…
The Impact of Production Planning on Productivity in the Seven up Bottling Company Kaduna
The Impact of Production Planning on Productivity in the Seven up Bottling Company Kaduna
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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
Production is one of the most important function of management in every organization. The essence of production is to prepare or forecast into the future in terms of production in an organization. As such Baryoko (2002) opined that production planning is mainly concerned with the directing and controlling of production process of an organization in order foster optimum utilization of human and material resources use in production, which brings about increase productivity and consequently profit maximization.
Similarly Nwachukwu (2007) opined that production planning involves the establishment of the overall strategy and process design required for the realization of effective production in an organization.
As such, production plannings particularly very important in a developing country where resources are relatively scarce. In Nigeria, where many of the manufacturing firms are inexperienced interns of technical know-how, production planning become very imperative in other to avoid waste of resources. This is so because production planning is a blue print for action. As such all manufacturing organization who are into production need to plan their production in order to gain an optimum utilization of their plant and raw materials use in production.
However, Ayo (2006) opined that failure to engage in production planning give rise to inefficiency and lack of direction. It make the organizations to constantly put off fire instead of preventing its occurrence. This implies that production planning entails the identification of what at business plans to do in terms of growth, development and survival or continuous existence. But in spite of this, over 48.6% of Nigeria indigenous organizations do not undertake a formal plan and do not have production budgets.
It is against this background that the researcher deemed it very imperative to investigate the subject matter of this research. The impact of production planning on productivity in seven-up bottling company Kaduna.
1.2 STATEMENT OF THE PROBLEM
Production planning as earlier indicated is a very crucial aspect of any management process. Hence, efficient production planning becomes very imperative for the sustainability of an effective production system that would be cost effective and profitable.
But inspite of the importance of production planning and its positive impact on productivity, it is observed by Ayo (2006) that about 48.6% of Nigerian indigenous organizations do not undertake a formal plan and do not have production budgets. As such doubt is expressed about production planning in most organization in Nigeria. Hence the need to investigate the impact of production planning on the productivity of seven-up bottling company Kaduna become very imperatives and the subject matter becomes an empirical problem worthy of investigation.
1.3 OBJECTIVES OF THE STUDY
The central objective of the study is to…